Why Polygon Is Outperforming Bitcoin, Ethereum And Dogecoin Today

Why Polygon Is Outperforming Bitcoin, Ethereum And Dogecoin Today

While most altcoins struggle in light of the bearish cryptocurrency market, Polygon MATIC/USD has been outperforming the apex Bitcoin BTC/USDEthereum ETH/USD and even Elon Musk’s favorite Dogecoin DOGE/USD.

What Happened: MATIC is up by 9.50% in the last 24 hours, trading at $0.97 at the time of writing, according to data from Benzinga Pro. On Oct. 13, MATIC was trading at $0.73, since then the price increased by 32%, according to CoinMarketCap.

See More: How to buy Polygon?

On the other hand, Bitcoin is down 0.70% in the last 24 hours, and 2.19% in the last seven days. Ethereum continues to hover around the $1500 markdown by 2.40% over the past 24 hours. Dogecoin also witnessed a 5.39% fall in the last 24 hours, as per CoinMarketCap.  

Why Is This Happening: MATIC’s rise over the past seven days can be attributed to two likely reasons:

  1. JP Morgan’s execution of the first on-chain trade on the Polygon network: The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2, which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.” 
  2. Meta's META decision to allow Instagram users to mint Polygon-based Nonfungible tokens (NFTs).

Read Next: What The Fed's Latest Interest Rate Hike Means For The Crypto World

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